Mar 31, 2020
Regulator clears Flutter’s £10bn tie-up with Stars Group
Flutter Entertainment, the parent company of PaddyPower Betfair, has had its £10bn merger with Stars Group, the owner of PokerStars, approved by UK authorities, clearing doubts over the deal being held up because of outsize market share. Flutter shares closed up almost 10 per cent on Tuesday. As revenues from sports betting have dried up because of coronavirus-enforced cancellation of fixtures and tournaments gambling companies have found themselves having to encourage customers to bet on virtual sports or turn to casino and poker games. Flutter is particularly exposed as it makes more than three-quarters of its revenue from sports bets. Stars Group did not offer a figure for the impact of the loss of sports but said that it expected a "Sustained outbreak resulting in the further postponement or cancellation of major sporting events" to have a "Material impact".
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